The arbitration appeal court has confirmed the legality of the ONEXIM’s position
On April 14, 2009 the Ninth arbitration appeal court dismissed the appeal of Deutsche Bank for the decision of the Arbitration court of Moscow dated 11 February 2009, where the purchase and sale of shares in OJSC “TGC-4” transaction concluded based on the mandatory offer has been invalidated.
We would like to remind that as of now, besides the deal with Deutsche Bank, the purchase and sale transactions concluded based on the mandatory offer with Clearstream S.A. and Halcyon Power Investment Company Limited (owning the shares in OJSC “TGC-4” to the benefit of Prosperity and Halcyon Advisors funds) have also been invalidated. Earlier ONEXIM has reached an agreement regarding the out-of-court settlement of the situation relating to the mandatory offer with Morgan Stanley and several other shareholders of OJSC “TGC-4”.
The decision of the appeals instance court is another convincing confirmation of the legality of ONEXIM’s position regarding the unlawfulness of the purchase and sale of shares in OJSC “TGC-4” transactions under the mandatory offer, as well as actions of some shareholders insisting on their fulfillment notwithstanding the prohibitions and restrictions established by law.